Pension rules checklists

THE Pensions Board yesterday published detailed checklists that pension trustees and employers must obey if they wish to avoid on-the-spot fines of €2,000.

The checklists will help employers ensure they are not contravening the Pensions Act by breaching disclosure of information regulations, failing to respond to a board request for information or failing to update scheme registration details.

Brendan Kennedy, chief executive of the board, said: “Given the protracted nature of bringing cases to court we welcome an alternative means of ensuring that scheme trustees and employers comply with their statutory obligations. The new on-the-spot fines will enhance the board’s capacity to enforce pension rules and regulations. The checklists will help scheme trustees and employers to check their levels of compliance. If in doubt they should contact their advisers.”

The board said the fine provides an alternative to the prosecution of certain offences under the Pensions Act.

Under the fines provisions, the board may notify a person in writing that it is alleged an offence has been committed and, if within 21 days, the person has remedied the offence to the satisfaction of the board and paid the appropriate fine, a prosecution will not be instituted.

lThe checklists are available on the Pensions Board’s website www.pensionsboard.ie.